Online Companies Inject Speed and Ease into Auto Insurance Shopping with Verisk SolutionSource: OMX
Jersey City, N.J., May 17, 2022 (GLOBE NEWSWIRE) -- Two companies are transforming the online auto insurance purchasing experience with Verisk’s LightSpeed for Personal Auto solution. Way.com, a digital agency that connects drivers with parking, car wash and auto insurance offers, and Roamly, the first embedded insurtech that connects travel enthusiasts with unique RV insurance offerings for owners and renters, are using Verisk automation to simplify the application process for auto insurance and quickly deliver quotes that meet the needs of today’s consumers.
“Verisk’s data platform has created a seamless experience,” said Way.com founder and CEO Binu Girija. “By integrating LightSpeed Auto into our mobile platform, we’re able to provide insurers with valuable vehicle and driver information they need to deliver fast and accurate quotes to our users within seconds. The analytics and the speed at which they are delivered has been a game-changer for our business.”
LightSpeed Auto combines Verisk’s extensive data resources and groundbreaking analytics, bringing key decision points forward in the insurance buying process via a single API. It also provides flexibility surrounding what data a company can access depending on their unique business model and needs. Users can apply precise business rules to each transaction, and the solution is backed by Verisk’s RISK:check® Point of Sale, which can help insurers improve application integrity and combat premium leakage and underwriting fraud.
“The pandemic has affected travel plans for many people and significantly increased demand for RV rentals online,” said Aaron Ammar, Chief Insurance Officer of Roamly. “But many RV owners are concerned about renting out their vehicles without purchasing the proper insurance. With Verisk’s advanced analytics and automation, we’ve been able to address the owners’ insurance concerns and cost-effectively provide RV renters with the coverage they need.”
For Roamly, the solution includes Verisk’s Inflection™ credit-based insurance score, powered by Equifax credit data, in combination with the Equifax InitialQuoteTM Score*, and customizations to meet the unique needs of RV owners and renters, many of whom also list or rent their rigs on Outdoorsy.
“Roamly and Way.com are creating new shopping experiences for today’s digital consumers who want to spend more time driving their vehicles and less time worrying about them,” said Doug Caccese, president of personal lines underwriting at Verisk. “By bringing the critical risk information upfront, we’ve been able to help streamline the process of buying auto insurance to convert more leads and minimize expenses for quotes that do not result in new business for our insurance partners.”
LightSpeed Personal Auto is part of a suite of innovative Verisk solutions that are used by a wide range of insurers and distribution channels to help improve accuracy and modernize underwriting and risk assessment.
To learn more about Verisk’s personal auto solutions, visit verisk.com/personalauto.
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
Roamly Insurance Group (Roamly) is the first full stack insurtech for enthusiasts with an embedded offering, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles are affirmatively allowed to be rented on platforms like Outdoorsy. For more information, visit www.roamly.com.
Way.com is the leading financial platform for car ownership, where 5 million drivers have discovered high-quality car services in one destination. The team at the #1 auto super app believes car ownership should be affordable for all Americans. Customers saved millions in 2021 with the company's tech-forward approach, as they signed up for the best auto insurance and parking rates in-app in seconds. The car services marketplace also finds and reserves the best city and airport parking, offers roadside assistance, auto refinance, sets customers up with the top-rated car washes in the area, and has partnered with parking locations, and car washes, in addition to and providing insurance spanning all 50 states. For more: Way.com
*Patented and trademarked by Equifax